BUSI 2210 Study Guide - Midterm Guide: New Product Development, Business Analysis, Marketing Mix

94 views5 pages

Document Summary

New product development can fail for some reasons: 6: management influence, high development costs, competition. Internal idea sources: new ideas through r&d and employee ideas. External idea sources: ideas from distributors and suppliers. Distributors are close to market and can pass along information about consumer problems. Customers are a valuable source of ideas. Crowdsourcing: inviting customers, employees and independent scientists into new product innovation process. Screening new product ideas to spot good ideas and drop bad ones. Attractive idea is developed into a product concept. Product idea: idea for a possible product that the company can see itself offering. Product concept: detailed version of the idea stated in meaningful customer terms. Product image: the way consumers perceive an actual or potential product. Concept testing: testing new product concepts with groups of target consumers to find out if the concepts have strong appeal. Designing an initial marketing strategy for anew product based on product concept.